Bangladesh Association of Pharmaceutical Industries (BAPI) organized their Annual General Meeting and a Seminar on “Bangladesh Pharmaceutical Industry: Opportunity and Challenges” at Pan Pacific Sonargaon Hotel, Dhaka, on Tuesday.
Chief guest Tofail Ahmed minister, Ministry of Commerce, appreciated the growth of pharmaceutical sector and its contribution to the national reserve. He also appreciated the fulfillment local demand.
During his speech, the guest of honor, Mohammad Nasim, minister, Ministry of Health and Family Welfare, said he was happy that the local industry was making quality pharmaceuticals at lower cost, which has created a global demand for Bangladesh medicine.
A keynote speech on “Bangladesh Pharmaceutical Industry: Opportunities and Challenges” was delivered by BAPI presidentNazmul Hassan MP said: “Bangladesh’s Pharmaceutical Industry is well poised for accelerated growth in future both in domestic and export market. Export of Pharma industry promises a bright future as the Prime Minister has already declared the pharma sector as ‘the product of the year. With Bangladesh fulfilling the criteria to be upgraded from a LDC country, the industry is ready to cater to the increased health care demand of the population.”
He said, Bangladesh Pharma Industries, currently caters 97% of the local pharma market demand through local manufacturing having all major global regulatory approvals by the top companies. One company from Bangladesh is also exporting medicines to USA, he added.
Nazmul also credited the local industry for giving quality medicines at affordable prices, as, had there been a need to
import medicines in the absence of local manufacturing, the price of medicines would have been eight times higher the prime minister for the implementation of API Park and its fast progression.
At the same time, Nazmul highlighted the present cash incentive facilities on export for many other sectors while in pharmaceuticals, cash incentives is only for API export and he has put forth a demand for cash incentives on Pharmaceutical Finished Formulation Export as Pharma sector is mainly focused on export of finished products.